NPSCY News & Events

The Trump administration flexed its new authority over U.S. Steel, blocking the company's plan to shut down production at an Illinois plant this fall, The Wall Street Journal's Bob Tita reports.

Cleveland-Cliffs (CLF) reported that United States Steel Corporation (X), Nippon Steel Corporation (NPSCY), and Nippon Steel North America voluntarily dismissed with prejudice their lawsuit against Cleveland-Cliffs, Cliffs' chairman, president and CEO, Lourenco Goncalves and the International President of the United Steelworkers, David McCall, which was originally filed by the plaintiffs on January 6. The related settlement agreement among the parties provided for the full release of the defendants and involved no exchange of financial consideration. Other terms of the settlement agreement remain confidential.

Nippon Steel (NPSCY) originally planned to spend $14B to keep U.S. Steel's (X) aging plants operating, but a deadly blast at a mill near Pittsburgh is testing the company's resolve to follow through on this plan, Bob Tita and Kris Maher of The Wall Street Journal reports. The Mon Valley complex was a focal point of Nippon's negotiations with Trump and the company pledged $2.2B for upgrades at the plant by 2028, but these projects did not include major repairs to the coke ovens. It will likely cost millions to return the site to normal operations.